Figures are rolling in these days for major automakers, and Fiat Chrysler (NYSE:FCAU) lost about $1.8 billion U.S. in the first quarter as the coronavirus pandemic caused rolling shutdowns of its plants in China, Europe and North America.
Despite the "unexpected and unprecedented times" due to COVID-19, the company, said Tuesday it and French automaker PSA Group “remain committed” to a previously announced merger of equals. The deal, according to Fiat Chrysler, is expected to close by the end of this year or early 2021.
The automaker also said it expects to restart the majority of its North American plants the week of May 18. The company as well as General Motors (NYSE:GM) and Ford Motor (NYSE:F) have been in discussions with the United Auto Workers union for weeks to reopen U.S. plants, which shuttered in March. The UAW did not immediately respond for comment.
Revenue during the first three months of the year fell 16% to about $22.3 billion U.S. while global vehicle shipments plummeted 21%. Before taxes and one-time adjustments and charges, the company reported a profit of about $56.4 million U.S. for the quarter.
Fiat Chrysler burned through about $5.5 billion U.S. in cash during the first three months of the year as the coronavirus pandemic first shuttered its operations in China, followed by Europe and then North America.
The company’s plants in China have reopened. It continues to restart operations in Europe and elsewhere.
FCAU shares inched ahead 17 cents, or 2.1%, to $8.47 early Tuesday.
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